Difference between revisions of "How do I Do a V.A.T. only Credit?"

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m (Reverted edits by Les Ward (talk) to last revision by Katy Kitchen)
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== More Information ==
 
== More Information ==
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This is useful in cases where a account has been invoiced with V.A.T. by mistake
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* Go to {{Menu|{{SL}}|Invoice/Credit Notes}}.
  
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{{Example|text=An item was exported but charged inclusive of V.A.T. or an internal account has been invoiced with V.A.T.}}
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The Knowledge Base article [[How do I Create a Vat Only Transaction?|How do I Create a Vat Only Transaction?]] explains how to create a Credit Note to reverse the V.A.T. portion of an invoice.  
  
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This reversal is done through the {{SL}} as follows: -
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{{Information|text='''Remember''' - In the Product Description to explain why the credit is for V.A.T. only.}}
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Go to {{Menu|Systems\Accounts|{{SL}}|Invoice/Credit Notes}}.
 
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* Choose {{DataValue|Credit Note}} from the {{DataPrompt|Doc Type:}} drop down menu.
 
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* The {{DataPrompt|Date}} will default to your System Date, change this if necessary.
 
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* Enter the appropriate Customer Account or press {{KeyPress|C-F1}} to [[How do I Find a Customer?|search]] for an account code.
 
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{{Note|text=The {{Tab|Document to Credit Selection}} box will pop up if there are outstanding invoices on the Customer's Account.  To link this credit to a specific invoice, click on that invoice in the list and click {{Button|Choose}}. Alternatively choose {{DataValue|Unallocated}} to post an unallocated credit.}}
 
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* The {{DataPrompt|Doc No.}} will be filled in for you with either the number of the invoice you have selected or a new Credit Note number.
 
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* Enter the sales centre of the original posting on the {{DataPrompt|Def. Centre}} field. To search for a centre press {{KeyPress|C+F1}}.
 
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* Enter a relevant comment e.g. {{DataValue|V.A.T. Reversal}}
 
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* Click {{Button|Next}} to move onto the {{Tab|Text}} tab.
 
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* In {{DataPrompt|Product Description:}} enter a more detailed description that includes the original invoice number e.g. {{DataValue|To reverse V.A.T. element of Invoice No. 12345.}}
 
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* Click {{Button|Next}} to move onto the {{Tab|Summary}} tab.
 
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* Click into the relevant V.A.T. Rate box e.g. into {{DataValue|Std Rate}} and enter the amount of V.A.T. you are crediting - this should be entered as a Positive amount.
 
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* Click {{Button|Print}} to print the credit.
 
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* You will be warned the V.A.T. is outside the normal limits, click {{Button|Continue}} to proceed.
 
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* Click {{Button|Accept}} to complete the posting.
 
  
 
== See also ==
 
== See also ==
 
* [[How do I Do a V.A.T. only Invoice?]]
 
* [[How do I Do a V.A.T. only Invoice?]]
 
* [[How do I Find a Customer?]]
 
* [[How do I Find a Customer?]]
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* [[How do I make a Customer Exempt of VAT?]]
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* [[How do I Post a Sales Ledger Invoice with Multiple Centres?]]
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* [[How do I Find a Cost Centre?]]
  
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{{KB_Tags|VAT, V.A.T, Value, Added, Tax, Credit,Text, Sales, Refund, Reversal}}
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{{KB_Tags|VAT, V.A.T, Value, Added, Tax, Credit,Text, Sales, Refund}}
 
{{ZN_Accounts}}
 
{{ZN_Accounts}}
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{{KB_Ref|SL15}}
 

Revision as of 13:36, 5 August 2015

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Summary

This article will explain how to post a V.A.T. only credit.

More Information

The Knowledge Base article How do I Create a Vat Only Transaction? explains how to create a Credit Note to reverse the V.A.T. portion of an invoice.

Remember - In the Product Description to explain why the credit is for V.A.T. only.

See also


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Keywords AND Misspellings
VAT, V.A.T, Value, Added, Tax, Credit,Text, Sales, Refund
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